Futures are rising ahead of commentary from Federal Reserve Chairman Jerome Powell that could yield clues as to when the central bank will begin tapering its asset purchases. Here’s what we’re watching before Friday’s trading session starts.
- Peloton shares plunged 10% premarket after the company lowered by 20% the price of its original stationary bike, a move that comes as it expects more muted growth in the coming year.
- Gap shares jumped 7.4% ahead of the bell. The rally came after the retailer reported sales that topped $4 billion and raised its forecast for the year.
- VMware dropped 5.7% premarket. The enterprise software company’s results were in line with expectations on revenue, but its cloud business came in below forecasts.
- Marvell Technology slid 3.5% ahead of the bell. The data infrastructure equipment maker said its losses in the second quarter increased from a year earlier as its cost of goods sold jumped.
- Dell shares dropped 3.5% and HP fell 3.3% premarket. Both companies are experiencing demand for computers that is outpacing their ability to satisfy customer orders as shortages and supply-chain issues hold back sales growth.
- Workday jumped 5.6%. The human-resources cloud-software company’s results topped Wall Street estimates as it lifted its guidance for the year.
- Big Lots is among the companies reporting earnings Friday.
Chart of the Day
- Deep-pocketed banks and hedge funds are now following armies of Main Street traders for signs of where the market is headed next.
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